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Zero Hedge Kindly Requests The Immediate Resignation Of Mary Schapiro For Gross Breach Of Professional Responsibilities
Ever wonder why the final SEC report on the flash crash doesn't match up to the forensic evidence found by Nanex?
It seems the SEC/CFTC failed to disclose they didn't get around to interviewing the traders that actually executed the algorithm blamed for dumping 75,000 emini contracts on the market "without regard to price or time" until 2 weeks after publishing their final report on the flash crash! Apparently, they were making a lot of things up to fit a foregone conclusion.
According to the media, it was Waddell & Reed who executed those trades right? Well, no. Barclays executed the contracts using their time tested algorithm called Participation. You simply can't crash a market with the Participation algorithm. This is an algorithm that in fact has sophisticated price and time components. This is an algorithm that would only sell at the offer -- and never at the bid. This was discovered and pointed out by Nanex after just one day reviewing the actual 6,438 eMini contract trades (75,000 contracts) which ZeroHedge helped obtain. But the media was happy to hang the guilt on an out of town mid-west Mutual Fund company, and besides all this stuff was getting way too complicated. After all, when it comes to such complexities, it is only economy PhDs who are fit to opine at will.
Only the SEC/CFTC wasn't counting on anyone double checking their work...
So a week after Nanex published their findings on the eMini trades, the CFTC holds their very first interview with Vijay Pant -- the man in charge of executing the infamous W&R trades at Barclays using the Participation algorithm. Here's a link to the CFTC website showing that meeting. This was the first time the SEC/CFTC actually interviewed those with intimate knowledge about the algorithm blamed for the flash crash in the SEC/CFTC final report.
How many heads will roll for this faux pas? And if it is only one, it better be that of Madoff "dear friend" Mary Schapiro who may have slipped through the cracks after the biggest ponzi scheme, since the US government, was handed to her on a silver platter.
But not this time.
If it is indeed confirmed that the agency, which is already in hot water for purposefully destroying evidence confirming various hedge funds have participated in insider trading, we are confident that the mere onslaught of class action lawsuits against the SEC, which one can now accuse of out right cover up, by anyone who lost money on May 6, will force not one but countless resignations, as the rats abandon the sinking ship, terrified by the prospect of civil and criminal liability pursuing their very own sad and pathetic bureaucratic careers.
We urge any and all class action lawyers among our readers to do their thing.
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D.I.S.G.U.S.T.I.N.G
Hats off ZH, you are a beacon of light and truth.
"Princeton study reveals that excessive on-the-job viewing of midget tranny porn leads to confusion regarding the direction of time"
hear hear!
and don't stop there. gary gensler and the cftc crew are in line for a comeuppance too.
until the day that they face REAL punishment (not just resignations) foe their evils, all these posts and comments are still just so much straw.
What is their motive for covering up the truth?
Lazy? Incompetent? Protecting former and future colleagues? On the take?
Take your pick.
Yes, OUT with Mary Schapiro! And please take OUT Eric "Fast and Furious" Holder with her! Washington is even more disgusting than usual these days.
The BearingMan rolls the thread back to OnTopic with a +13.
ps will take time on the FRN art. cheers.
Your right - if it was a real story CNBS will be all over it tomorrow with Lies-men and friends.........
...the motive is their claim dominon. If you accept their false claim you are bound. That is the mark of the beast and the seal of the ''new order''.
From Wikipedia: The expressions misfeasance and nonfeasance, and occasionally malfeasance, are used in English law with reference to the discharge of public obligations existing by common law, custom or statute.
When a contract creates a duty that does not exist at common law, there are three things the parties can do wrong:
MISFEANCE
Misfeasance in public office is a cause of action in the civil courts of England and Wales and certain Commonwealth countries. It is an action against the holder of a public office, alleging in essence that the office-holder has misused or abused his power. The tort can be traced back to 1703 when Chief Justice Holt decided that a landowner could sue a police Constable who deprived him of his right to vote.[1] The tort was revived in 1985 when it was used so that French Turkey producers could sue the Ministry of Agriculture over a dispute that harmed their sales.
· Generally, a civil defendant will be liable for misfeasance if the defendant owed a duty of care toward the plaintiff, the defendant breached that duty of care by improperly performing a legal act, and the improper performance resulted in harm to the plaintiff.
In theory, misfeasance is distinct from Nonfeasance. Nonfeasance is a term that describes a failure to act that results in harm to another party. Misfeasance, by contrast, describes some affirmative act that, though legal, causes harm. In practice, the distinction is confusing and uninstructive. Courts often have difficulty determining whether harm resulted from a failure to act or from an act that was improperly performed.
n most cases, the essentials to bring an action of misfeasance in public office are that the office-holder acted illegally, knew he was doing so, and knew or should reasonably have known that third parties would suffer loss as a result.
MALFEASANCE
Malfeasance in office, or official misconduct, is the commission of an unlawful act, done in an official capacity, which affects the performance of official duties. Malfeasance in office is often grounds for a for cause removal of an elected official by statute or recall election.
Malfeasance has been defined by appellate courts in other jurisdictions as a wrongful act which the actor has no legal right to do; as any wrongful conduct which affects, interrupts or interferes with the performance of official duty; as an act for which there is no authority or warrant of law; as an act which a person ought not to do; as an act which is wholly wrongful and unlawful; as that which an officer has no authority to do and is positively wrong or unlawful; and as the unjust performance of some act which the party performing it has no right, or has contracted not, to do.
The court then went on to use yet another definition, "malfeasance is the doing of an act which an officer had no legal right to do at all and that when an officer, through ignorance, inattention, or malice, does that which they have no legal right to do at all, or acts without any authority whatsoever, or exceeds, ignores, or abuses their powers, they are guilty of malfeasance."
The CFTC link is 404.
YEP 404 it is, rat bastards
Tyler, is this the same meeting / notes?
Still accessible here (minus the "www")
If that's it, better get it / archive it while the gettin's good....
I wonder what her office dildo looks like. It's probably all worn and shit.
If it is powered by an HFT algo you know that things pulsates 20,000/second on LOW.
That frequency will turn her bones to water eventually.. but probably worth it..
she borrowed it from janet napolitano, who had borrowed it from barney frank!
if this is true then she will soon be dying a slow and painful death from some sort of nasty bacteria or whatnot anyway.
ok, so let's concentrate on gensler...
she's got one of those menorah 9 candles in 1 kind
shame on you
discrediting yourself
now contaminated
What better way to undermine the very rational and legitimate view that Mary Shapiro must go due to . . .
Usury. amongst every other concomitant crime in corrupt use amidst her cohort
who r who . . .
http://www.youtube.com/watch?v=GUfS8LyeUyM&feature=player_detailpage
I believe that Ms Shapiro serves at the pleasure of President Barack Obama, accordingly various .gov agencies will be reviewing all posts, contributions and comments on the Zero Hedge Blog dating from the present to its inception.
On a separate note Tony Rezko is counting the days until January 2013 when President Obama yields his office to his successor and in advance of that occasion provides various and sundry pardons.
Possible AT his pleasure cuz as I hear it Reggie Love is all about bammy's pleasure..
Princeton study funded by $14B federal grant as advocated by SEIU
DoS everyone.
The Tylers are true patriots. You let them spin their lies, then bury them with the truth. Keep up the good work.
Why, no matter the gross incompetence, negligence and/or corruption, do so many people desire more regulation, regulators and bureaucrats to “do their job?”
you mean regulation like glass-steagall?
Just because some judges are corrupt doesn't mean we need to take all judges out of the system.
Please mentally replace the word "judges" with the word "Jews" in your comment, and rethink every comment you have made. Your hate has blinded you
Well, according to the New York Times, ZH is a "well-read and controversial financial blog" thats causin' lots of trouble for MS:
http://dealbook.nytimes.com/2011/10/04/morgan-tries-to-quell-rumors-abou...
"Its latest round of troubles began on Friday morning before the markets opened at 9:30 a.m. Zero Hedge, a well-read and controversial financial blog, linked to a Bloomberg News article that noted Morgan’s credit-default swap spreads had been widening. The Zero Hedge post also directed readers to a previous Zero Hedge article that pegged Morgan Stanley’s net exposure to French banks at $39 billion, about $12 billion more than the bank’s current market capitalization, reigniting fears about its exposure."
Well, well, well....it continues:
"Calling Zero Hedge for damage control was not an option. The post was written by an anonymous blogger who goes by the name of “Tyler Durden,” a character in the movie “The Fight Club,” and the Web site does not give readers a way to readily reach its writers."
"Adding to Morgan Stanley’s woes, Friday was the last day of Morgan Stanley’s third quarter. The company is set to release its earnings in a few weeks, and securities laws limit what it can say about its financial condition. Unable to reach Zero Hedge, Morgan Stanley’s investor relations department went into overdrive, quickly pulling together talking points for callers that were circulated to both media and investor relations staff members."
Yes, your "bank" is so stable that a "controversial financial blog" is able to shake it? Or would that be actualy underlying EXPOSURE of MS's exposure (by ZH) that is shaking it?
"According to the talking points, reviewed by The New York Times, the numbers cited by Zero Hedge “represent gross asset positions and thus do not reflect the benefit of collateral or other hedges and protection, and the more relevant exposure to consider is the net exposure.” "
"Zero Hedge could not be reached for comment."
This is great!
So ZH forgot to take into consideration mark to model THE ONLY HEDGE IN TOWN (NY, DC).
Those asset positions are gross alright.
As if their buddies with the CDSs are good for it!
There is a money vacuum out there and it really sucks.
No, Reggie Middleton already called out Goldman Sachs on their leverage in French banks too. Funny how they already blew MS's cover by shorting them.
Isn't it interesting how these useless pricks blame even major stock collapses ... on the internet! ... not fundamentals ... not their lack of performance ... now you just blame zh 'n shit
It's the banker's equivalent of "the dog ate my homework" excuse.
Stupid, absurd, and totally unacceptable, as an excuse ... but so normalized that almost no one blinks at it.
EDIT: doesn't Morgan Stanley run the West Wing these days? ... WTF is the problem here then?
The reality is that financial institutions DO engage in collateral agreements on swaps that is usually pegged to their internal risk assessments of counterparties. In today's markets, gross exposure and risk can be mitigated through swapping that risk (currency, interest rate, credit) off the books.
A currency swap would shift the Fx exposure from Euros to USD, as an example. In this type of transaction, principal is exchanged as well. The net result is that MS would see a USD loan on their books with French Bank credit risk and swap counterparty credit risk. If they have a collateral agreement in place, then the NET VALUE of the swap would be protected by up to 100% in (usually) T-bills and/or T-notes.
The French bank credit risk could be hedged with CDS. (I'm assuming that the exposure is loans to french banks on the books in Euros)
The interest rate risk would be if the loan and funding didn't match (ie one was fixed rate and the other was floating). In interest rate swaps (essentially used to convert fixed to floating or vice versa), there is no exchange of principal - so the exposure is the net value of the two coupon streams (one from MS, one from the swap counterparty). The value is usually a fraction of the notional (face) amount of the swap because of the bi-directional coupon flows that net out. At inception, a swap's value is theoretically zero.
All this is to say that it is quite likely that th exposure could be comfortably hedged. It may not be - but unless one reads the appropriate notes in the financial stmts, it is difficult to say. MS probably has a number of fnding issues at the present time, and I would suggest that the Zero Hedge article increased the cost of funds for them - putting pressure on liquidity, and likely creating increased demands from their counterparties for collateral where appropriate.
The really interesting questions are: Are there a few counterparties out there that could be considered dumping grounds for poorly priced hedges such as was AIG? What would be the net exposure in the system of all swaps less collateral? The answrers to these would provide insight as to what the CBs of the world are really trying to protet.
"Zero Hedge could not be reached for comment."
How the hell hard is it to log in?
“represent gross asset positions and thus do not reflect the benefit of collateral or other hedges and protection, and the more relevant exposure to consider is the net exposure.” "
in other words, ZH was right, the hedges are likely worse off then the French Banks - who at least have the German taxpayers as a final backstop
Absolutely amazing and stunning, Let the heads roll.
Good work ZH keep it up.
She is not going to step down because they don't give a fuck what you think , our kill count is over 3,000,000 in Iraq, Afgan and Libya combined you don't give a fuck about them so why should the SEC give a fuck about you, if you want change in America go get a gun and all of us march on the whitehouse and string them up , untill you do that shut the fuck up.
Before action there has to be an acknowledgement of the problem.
SEC Officials Hire Lawyers Amid Ethics Scrutinyhttp://www.abajournal.com/news/article/sec_officials_hire_lawyers_amid_e...
we all know the hiring of an attorney is prima facie evidence of wrongdoing.
But SEC is just a corrupt referee (small fry) on the orderliness of the game when the entire scoreboard of the match is manipulated by the Federal Reserve (big fry)
file a corruption complaint against the Fed and the SEC at: http://secwhistleblowerclaimscenter.com
Zuckerman Spaeder Builds Out Its New York Practice
http://dealbook.nytimes.com/2011/10/04/zuckerman-spaeder-builds-out-its-new-york-practice/
The sharks are circling.
Agreed.
“A government afraid of its citizens is a Democracy. Citizens afraid of government is tyranny!”
? Thomas Jefferson
We will have liberty when we show the government we can defeat them.
The only regulator more incompetant than the SEC is FINRA where the cops are only paid from their fines. I think this model should be used with all police departments in the US. Take a guy to jail - get part of the fine. Write a ticket - get part of the fine. That is how it works - its about money not real criminals. Porn +money = SEC Both regulators treasure their complete abuse of power and miss the topic......
"The only regulator more incompetant than the SEC "
I suggest you are mistaking corruption for incompetency.
You may be right - I stand corrected. That does sound better....
Don't forget CFTC on commodity futures deregulation with Wendy Gramm
http://www.ritholtz.com/blog/2010/10/judge-cftc-corrupt-wendy-gramm-crim...
a judge complains in his retirement letter admin judge has never awarded a case to a investors in 20 years!!
After that scandal senator Phil Gramm, Wendy's husband became vicechairman of UBS
In 2008, Gramm, McCain's most senior economic advisor explained the nation was not in a recession, stating, "You've heard of mental depression; this is a mental recession." He added, "We have sort of become a nation of whiners."
There we go - lawyers and judges. Add UBS and that makes the Russians look like Quakers.
Anonymous - It is the Bankers.
http://www.youtube.com/watch?v=z1vpEcebYBg
Nothing will be done until the market crashes. Someone, something, needs to be made the scape goats. It will be HFTs.
The crash will be all ZH fault. The nerve of ZH printing the truth. "We can't handle the truth"
Spread this. Everyone.
Resign, to then immediately be offered a position with the Fed or Goldman (so, working for the same people...just a title change).
I hate that bitch.
+ 1
"I don't know."
"We are looking into that."
"We'll have to look into that."
"That's not our job."
'I didn't know that."
These are the things I heard her say a few years ago before Congress.
In Amerika, white collar crime = no crime at all.
I am pretty sure if I committed a white collar crime I would be tried, convicted and buried...but then again I am not part of the elite...
Nah, grease the right palms and you can get away with practically anything, just ask the Rotschilds.
Not saying it's necessarily righteous...
Yeah, me too brother Au_Ag, lock my butt up there in the slammer.
Goddamn I love ZeroHedge.
What's not to love...it's like kittens, puppy dogs and rainbows here all the time.
It will happen again
I can't stomach this shit anymore.
That show would be worth buying a Movie Theatre bag of popcorn, a huge candy bar, and 1/2 gallon drink for $40 along with a $60 ticket. I hope it comes in 3D and I'll spring for the glasses too.
Lets see, when is MY government going to shit in my lap!! Really--today?? Milestones
The SEC simply doesn't want to know about wrong doing--see Einhorn's "Fooling Some of the People All of the Time". And, its not even really ignorance or passivity. It's willful hostility to whistle blowers and others having questions.
It's an oligarchy--political and business elites are running the country for their benefit.
But any action to challenge and unveil that fact is provides some hope you can believe in, at least a little. I'm currently involved in a class action against the bankster vermin and although it's a royal PITA, it's something to feel good about.
'Ain't yous guys eva hoid a Guillotines,
Ya have ta have the balls to use them
....is that a problem?
I think your anonymity is great and your blogs are a service to both those in markets and those outside trying to understand them.
I just hope they don't sick the NSA/CIA on you (or all of you) and out your ass(es).
ass(ets)
Since ZH is taking a firm stance of this particualr issue (rightly so). Does ZH fully endorse Ron Paul for president in the manner Jim Rogers, Jesse Ventura, Judge Napolitano, Peter Schiff, Barry Manilow, Vince Vaughn and others have pledged thus far?
It is pretty obvious ZH stands behind Ron Paul in principle, it would just be sweet to see a banner endorsement for the Paul campaign to further embrace.
It's not just a "Ron Paul" Principal, it's the American way of life Principals that's been and being threatened right now by TPTB.
Here is a refresher course to where we are supposed to be. Please view the video on the bottom, once we return to these principals, this chicanery garbage mentioned in this thread will cease immediately.
http://gulagbound.com/21352/obamas-jobs-bill-ends-state-sovereignty-wake-up-governors/
Oh yea.. End The Fed.
I fully understand the left vs. right paraidgm in which we have lived within the past several decades. We, however, still have a chance to unwind all the mistakes over the past 30+ years and restore constitutional government. AS far fetched and impossible as it may seem, a distinct feat does remain remotely possible.
I would rather fight tooth n' nail for a restoration rather than risk totalitarism via a complete reset of our political and economic system.
Economic collapse is inveitable, no doubt. But that does not mean a complete collapse of original American values of life, liberty, property, self-defense, speech, religion, etc.
Well said
Well said, b_B. Unfortunately, I think we're beyond that point.
I'm a believer in socionomics theory. The collective social mood is on the decline, and gaining speed to the downside. The rise and fall of civilizations is explained by this theory, as is the human habit of repeating mistakes of the past, thus explaining why "history rhymes". It's an interesting theory, and when you observe the world from the socionomic perspective, many of the things which appear baffling from the conventional perspective are more clearly understood. Socionomics theory proposes that we are entering a time of pessimism, divisiveness, conflict, increasing fracture within groups and increasing friction between opposing groups. That's why the Euro will not survive. Historical differences and past transgressions, overlooked during the bull market mood of cooperation and inclusiveness in which the European Union was created, will reappear and reignite as the Eurozone continues to fracture. Anyway, if you've never heard of socionomics, read a little bit about it. It's outside the box thinking, and you might not buy into it, but not everyone bought into Copernicus back in the day, either, and he had some pretty good ideas.
Pessimism is only a symptom, not a cause. The root cause is lack of growth; and the root cause for lack of growth is the sad fact that we live on a planet with finite resources.
Each major growth period throughout history was based on exploration, migration, conquest & exploitation of new territory & people. Once the world's populations had successfully filled all geographic niches by 1750, mankind's only hope was backfilling. That is, utilizing stored resources in existing lands - essentially a 3-D matrix where humanity "drilled" back into time to tap the production of countless eons of long vanished land. This was achieved first by coal, then oil & gas.
With the advent of peak oil, financial engineering & media was called forth to (a) create an illusion of growth; and (b) distract & confuse the masses from what was actually occurring.
If you go back and look @ some of my original posts, I have always stated that this entire game was one of waiting for a miracle. The system actually died back in 2008, or even before that, probably back in 1972. Since then, we've done nothing but kick the can. Now our time is nearing and end and the gig, as they say, is up.
And no, BB, there isn't going to be a retrace. No society, culture, civilization, and/or empire has ever gotten religion and successfully reformed themselves. The reason is simple: at a certain point, there's more money & power to be made/achieved driving the system down than defending it.
Sorry, B9K9, but you're 100% wrong.
Most of the growth has come in the last 100 years, due to the spread of IDEAS, and implementation of them.
If we could get the controllers in government out of the way, and allow real freedom to reign, then energy and growth would return a thousandfold. All power comes from the sun, and our ability to use it would grow exponentially if it weren't for the regulatory system wasting it on shit like Solyndra.
Don't be fooled by the Malthusian academics- they push that bullshit so they can concentrate power.
Always good to read your acerbic but well-reasoned perspective. Been a while.
Viewed from the conventional perspective, your explanation appears to have some merit, but I respectfully disagree. The collective social mood swings from hope to fear, optimism to pessimism, in a way that is related to the primal herding instinct, and appears to move in fractal form, when studying a sociometer such as the financial markets. If you've studied the theory and disagree with it, so be it. If you haven't studied the theory and oppose it anyway, that's called contempt prior to investigation, which is an excellent way to remain ignorant.
Bravo, b_B
Bb, 'But that does not mean a complete collapse of original American values of life, liberty, property, self-defense, speech, religion, etc.' What utter horseshit.
The only people who benefitted from 'values of life, liberty, property, self-defense, speech, religion, etc.' were the slavers who revolted against British rule, seized power in a popular revolt and then went on to slaughter Indians and steal their land and their resources. Sure it was a land of opportunity, if you could only wrest the fucking land from it's rightful owners first without paying for it.
You kid yourself that you had and want to return to some kind of blissful utopia in which all were free and all had some form of equal rights only recently stolen from you. Tell that to the decendents of black American slaves or an Indian who had his lands nicked by some pissed up white religious nut job who wanted to build a house in the middle of Tornado Alley, somewhere that migratory Indians had the common good sense to not be in when tornado season inevitably arrived EVERY year.
The simple truth is that all the rights and freedoms you claim to enjoy under your 'Constitution' existed to protect your former slaver leaders (that would be 'founding fathers) from a British noose for smuggling, breaking peace treaties that existed with the same local Indian tribes that fought side by side with you in the Revolutionary War (and which in true American fashion you promptly turned on and slaughtered by the thousands before shoving them onto reservations so that you could claim more 'wealth and opportunity' for whites when you took their homes) and for keeping fucking slaves. But we'll not go into that shall we?
The only reason you have all this bullshit text from past US presidents chiding bankers and banking is because the whole colony was set up using British, Dutch and French money which your post revolutionary slavers didn't want to pay back. They were after all quite used to not paying salaries to these slaves, or any other costs for that matter; why stop at paying for anything else. Stow the bullshit please, there is no more honor in American politics than any other country, neither was there ever and that includes your so called 'founding fathers'. To claim so is naive at best.
You have exactly what you deserve in America, to be ripped off in the same way that you have always done to others before you by people in the same positions of power. That's waht your Constitution is for. You have nothing more than any other tin pot African state that you Americans seem to delight in telling yourselves you are so much better than. Nothing but an worn out old credit card. You are starting again from scratch, but this time the 'Indians' have got guns, security systems and their own fully expensed private armies if they need it. And the right to bear arms and shoot you to defend it. I suggest you get used to it.
All I kept thinking after I listened to the video, is that republic is only a temporary government too. Eventually it too becomes an ogliarchy, so why didn't they remove republic in the same way they removed democracy.
All government types are temporary because humans are not perfect. I do not believe it is possible to have a intact government indefinitely. Rome did not last, neither did the Mongols, neither did Greece, neither will the states or any other government. Change is the only constant.
I believe that good government must be worked on every day. There must be people who are willing to (at great personal risk/harm) make it better. Right now I would say that there are plenty out there who are willing, at personal profit, to make it worse. These people may or may not be: politicians, bankers and lawyers.
The Ayn Rand Libertarian regime is indistinguishable from Fascism. Corporate rule under a centralized directorate.
Okay, in the first case you've got crappy fiction and in the second you've got crappy Futurist art. The point stands!
Right. It's 'supply-side' taken to the extreme where authoritarian government (not libertarian) showers favored private entities with regulated labor, resoruces and sweet deals.
To all your down trianglers:
http://reason.com/blog/2011/01/30/rand-on-the-dole
Nothing a like a little dose of reality in the form of expensive medical treatments to raze to the ground an extremist theory, even if you created it lol! I wonder how many AR acolytes would flip flop just as fast if they contracted something expensively chronic and their insurance wouldn't pay because they decided to deem it a 'pre existing condition'? I've got a silver maple on my flank that says 99.99999999% would have their perspective altered right smartly.
In fact what AR'ism boils down to is this, "I'm all right so ef all the rest." and the above link is strong evidence that she was true to that.
"Oh I get it, it's very clever; how's that working out for you, being clever?"-TD
Woo hoo, tagged me one fuming zealot so far; left 'im speechless though, lol
Unfortunately, I think you are right. And I HATE to say that.
Ayn Rand libertarianism (or Objectivism) has only one real fatal flaw in my view: It assumes men behaving honorably -- especially those who achieve great things. If such were the case, I believe it to be the ideal.
In reality, we have a preponderance of men who achieve success by virtue of Skull and Bones cronyism and are bereft of any honor whatsoever -- unshackled from accountability and unfettered in their sociopathic and psychopathic greed -- they behave abhorrently. Only a criminal would 'succeed' by poisoning the farmland for future generations, only a criminal would 'succeed' by unleashing GMO pollen across the continent to forever change the biology of native plants (food), only a criminal would 'succeed' by lobbying for war knowing countless mothers would lose good sons in the streets of third world shitholes in order to sell more weapons, only a criminal would 'succeed' on the short-term gains of ponzi financial manipulation at the expense of a nation's future economic health. Yea,... only a REAL shit-for-brains scumbag soul-less sadistic treasonous Satanist would dare reason such. Yet such is our world.
Yet this is what we get. This is what we put up with. This is what we accept by not speaking up. This is both the legacy and the destiny of our silence.
"It assumes men behaving honorably"
I can't think of a single political/economic system of any ideological stripe that wouldn't function perfectly if that single criteria was fully met.
That being a pipe dream, a pragmatic mixed economy with a politically engaged and reasonably well educated population is the only sociopolitical system that has half a chance of any lasting success, IMO.
I had this dream a few years ago about being lost in an immense, complex leviathan underground somewhere like London. Indeed, I'm sure it was set therein as a deep distant memory of my many years there. It was a devil's marriage of the old steam/coal rails and underground. Choke damp black soot, hot, humid, dim lighting. An Impossibly Immense, Dark, Evil Maze. Very Impersonal, Frightening. I distinctly remember being very frightened. In my dream.
At one point, I had to change trains, and to do so, people had to scurry across tracks as well as climb over platforms. We were like rats. I more so as not used to this Kafkaesque turmoil, for I had become a Stranger in a Strange Land. Dirty, dark.... But this was "normal" to the others, the denizens. Those who’d had no thoughts as to the quality of their environment. No thoughts as to its quality. Simply accepting what they considered the inevitable, as if a gigantic machine drove the universe, never to be challenged or questioned. A future where everything had all Gone to Hell. And was now considered Just the Way It Is These Days. The good times of a higher quality of life, sense of security, lack of paranoia and fear were mere stories, tales, folklore of the past.
The New Normal....
And all of a sudden, reading, it just hit me.
We've arrived at that dark, scary, evil station of that nightmare, missing of civility, devoid of ethics and morals, mentally and physically filthy, at risk of life and limb with respect to everyday ordinary experiences.
We're Aboard The Crazy Train.....
Oh no, oh no, here we go now.
Damn that's deep... see any zombies? ;)
Crazy Train?
MMMMMMMMmmmmmmmmmmmmmmmmmmm - Being a horror video game fan - I'd play that!! GREAT PREMISE - Sell it to Id.
Smoke another one, brah!
@ knukles, that was really great. An all too easy to imagine nightmare, coming to a country near you soon!
Dirty, dark and dangerous. Sounds just like our new era. Everything does have that Going to Hell feeling you eloquently describe.
Wish I could give you more than one green, but you have collected plenty, so you kow your words were of great value to us tonight.
Bravo!
Thank you for the kind words, DoChen.
They seem to be ever so few anymore.... and thus ever more precious.
K
The link to CFTC website showing meeting brings up a 404
sorry, had to try it for myself...hehe
But she's an Obamacrat. That makes here immune from any concepts like truth, competency, reality, and the like.
Sad to see you think that a difference exists between obamacrats and boners. No difference, all parasites. The longer people think this .....The longer they win
Absolutely true. Obamacrats are slightly worse, but slightly better is still unforgivably heinous.
The SEC institutionalizes fraud and creates market inefficiencies and ways to rig markets.
My friends, it is impossible for a participant to manipulate markets unless the SEC creates rules that allow it - and it has tons of them.
The market is fragile, inefficient and much more volatile because of the SEC's idiotic rules.
It needs to be scrapped and replaced with private certification.
"There's not a dime's worth of difference" is nearly the quotation. I say the Rs are 14 cents better than the Ds.
Ron Paul for President in 2012.
with Ralph Nader for VP!
http://www.youtube.com/watch?v=kwIZ4syCFLc
THAT would be an interesting four years...
MSM wouldn't know whether they were coming or going, lol.
I doubt either RP or RN would push the other too hard to bail out any banks that thought they were Too Big Too Frail though... and bye bye to the atrocity exhibition of 'corporatism' continuing to be FED.
OTOH, if elected I would advise both RP and RN to avoid any open car parades for the entire duration of their administration.
I don't think Ron Paul would do well with an economic illiterate like Ralph Nader.
Sadly, I also don't think the expanding regulatory control and command state will diminish if either finds himself in the White House.
Too many people are now conditioned to believe that the state is there to protect them from harm and too few understand that it is really there to protect them from prosperity.
Speaking of illiterate, anyone care to hazard a guess where Kat gets its information about Ralph Nader?
Hey Tyler,
not surprised my frend BUT ..." Here's a link to the CFTC website......" from your original piece
404 Page Not Found
Bastards,
Keep the faith T
So they resign and go to work for the same companies they were "regulating" weeks before. At 20X the salary.
Say what you will about the onepercenters, they have each others backs and will always take care of each other and their families and friends.
It's just one big incestuous circlejerk and the proles aren't invited...
That's still no reason not to pursue their resignations and then to hound them personally through the courts for damages caused.
One step at a time.
'The mission of the U.S. Securities and Exchange Commission is to protect investors, maintain fair, orderly, and efficient markets, and facilitate capital formation.'
EPIC FAIL
I deal with the SEC a lot. The mission is one thing, the incentive is to cover their ass and do what's politically expedident and to make time for watching porn. Fair and orderly markets aren't even on the list of concerns for the SEC
When the SEC was informed that the ad hoc rules it was spitting out are killing the market, they literally said (word for word) "we don't care."
This is the government protecting you.
On the brighter side, we did get the 'fat finger'...butt of a joke that can still be pulled out from time to time .....good for an occasional guffaw.
forget shapiro ... fire gensler immediately ... douche is all talk and no action just like his boss at whitehouse.
Mary Schapiro should more than resign. That moron should hang.
However, Nanex is at least as incompetent. I've not been impressed by any of their "analysis". For instance, Nanex was demanding the SEC answer why there were only stub quotes in certain stocks for dates 4 months before bands became a reg rule. Moreover, there are more stocks in which there are no market makers at all because the SEC has made it impossible to be a market maker. You'd think Nanex would know that. Or at least they should have looked into it before making total assholes of themselves.
A few things you might find helpful.
We think stub quotes are a red herring. And rarely write about them.
We realize our satire will be lost on more than a few worthy souls, but find that it's about the only way to get through to regulators, who only seem to want to understand something if they believe they can figure it out for themselves.
We "demanded an answer" to the stub quotes, because Mr Greg Berman sat right next to me on a panel discussing the flash crash, and with a straight face, blamed stub quotes for causing it. We thought maybe he should know that nothing has materially changed in that regard since, inspite of him and the SEC publicly stating otherwise. On a todo list of cleaning up the problems that exist in our market structure, we think stub quotes is pretty close to the bottom.
nanex
this is the sec link...
http://www.cftc.gov/LawRegulation/DoddFrankAct/ExternalMeetings/dfmeeting_101410_174
Thanks.
There is too much corruption to keep track of at this point. The whole market is corrupt, you can see it in broad daylight everyday, today was no exceptiion. The news was frontrun in a big way.
Imagine all the people...
If they decided not to play the Wall Street Game...
And how many heads would then truly roll...
Imagine all the people...
If they stopped playing this rigged game....
I'm telling you, Occupy Wall Street would be 100% more effecitive, this I'm 100% confident in, if they just got 50% of market partipants to stop playing. Intead of Occupy Wall Steet; it should be Desert Wall Street. That means no trading of any kind, taking all working capital out of the TBTF' and deposting it at local credit unions....and PM's for safety so you can watch the entire apeshit market crassh...along with Wall Street jobs, bonuses, corruption, etc.
Sun Tzu: When you are overmatched, retreat. That's how to win the game fellas.
"There is too much corruption to keep track of at this point. The whole market is corrupt, you can see it in broad daylight everyday, today was no exceptiion. The news was frontrun in a big way."
We're at the sad point where the looters are lazily walking out with their wheelbarrows full of merchandise. The only fear they have is not getting there before the other looters and/or not getting out with enough.
What if they already have left and because of various props, crutches, and Potemkin market like obfuscation strategies, we can't tell?
Mary Schapiro will not go to jail. She will be reshuffled into a Food & Beverage Director position.
You guys are good. I could read only ZH and feel like I am getting the necessary financial news.
everyone knows the sec is a joke and that the markets are rigged and yet some here still play the game. oh sure, take your last $800 out of bank of america but by all means keep day trading. LMFAO!!
Speechless!
I know there is a clip of a guy standing clapping from an old movie.... This is it... I am standing clapping. Well done Tyler.
Clapping guy?
thats it!
where are the fucking teabaggers ? Only thing they hate is a black president.
how come they don't protest in NewYork ?
Because the Hard Left is trying to start a riot and Michael Moore is at the Helm and we know it.
Think he's employed by the same "Tavistock" entity as MDB?
I didn't realize that Moore had you all in such a state of fright.
You do realize that there could be a demonstration/riot of the Tea Party heroes if such were of a mind unless you are all afraid that Moore would brainwash you.
Nah, you are a shill or a coward.
You think you are going to vote Wall Street out?
Lunatic , bwhaaaaaaaaaaaaaaaaaaaaaaaaaaa
No, I'm a first responder that owns firearms, soo.. not a great idea to become disarmed before anything breaks bad and can't protect my family, I will leave that chore to the precenters.
Moore is a walking false flag event waiting to happen.
As you were..
blah blah blah,
first responder to the scum. Your family should be proud, now go vote for the next set of clowns to rule over you.
tools.
This is the foookin shit that amazes me! I KNOW it's happening, but not being reported or investigated. Friends and family think I harp on b.s. and that I'm borderline paranoid because this stuff drives me NUTS.
These same individuals refuse to accept THE NEWS & INFORMATION ZH provides, but that's their F-ing loss.
Thanks again for all ZH provides! (and to witty/insightful comments, unlike this one)
GdaMNIT.. (The Hedge is especially powerful when you've been drinking)
I see 'perp' people.
Google: waddell & reed barclays Vijay Pant
ONE hit. ZH. That's it. Is this scoop being thoroughly buried by the lamestream lapdog press?
Diablo, thanks for the correct CFTC link.
bing it
Never mind. Somebody already said "BING IT."
Google: Don't be evil.
Market: Grow up.
BTW, where are all of our bleeding heart, government is good dipshits?
Nobody at the SEC is going to go to jail or get fired.
Give me a break. Those plutocrats are part of TPTB, they are all looking out for their own.
Worst case, she gets "re-assigned" to a part time consulting gig, will receive a 7 figure severance, and will get paid $250,000/yr. for "services" while she rakes in $60,000/speech on a "motivational speakers" circuit.
Who stole your log-in password?
LOL!!! HAHAHAHAHA!!! two drops of pee pee
He lost big money that day, so he's bery angby at her.
Didn't forget to take medicine today....
Robo is going for green...
For a change.
Indeed, Dick Fuld runs a consulting (well, really its like a PE firm) business.
Yes...
i think ZH'ers are starting to convert you,RT....
go ahead, ROBO
head into the light...
it'll be O.K.......
Again, confirming the absurdity of those calling for more "regulation" of Wall Street. The government doesn't give a fuck, folks. They're not making an even playing field. They're not concerned with rules or laws. They only care about enriching themselves, protecting their friends, and avoiding public scrutiny.
"would the last person to leave kindly burn the building down on the way out."
Who woulda thunk Harvey Pitt was a pillar of Securities Law Enforcement compared to this twat? Not I!!
I can only hope those kids camping out in Battery Park, will go over to the New York office and burn the shithole down. I will gladly pay for the gasoline.
You need a permit for that The Axe.
http://youtu.be/BeO3L5EFfBo
Thank you TD/ZH.
You are like oxygen and UV light combined.